Jiangxi Yongxing Special Steel New Energy Technology Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 452,031,900 from existing investor Yongxing Special Stainless Steel Co., Ltd. on June 19, 2020. Out of the total proceeds received in the transaction, CNY 200,000,000 will go to registered capital of the company. Post the closing of the transaction, the registered capital will increase from CNY 300,000,000 to CNY 500,000,000 and the investor will continue to hold 100% stake in the company. The transaction was approved by the board of directors of the investor in 6th Extraordinary Meeting of the 5th Directorate and the 4th Extraordinary Meeting of the 5th Supervisory Board.